Arab bank signs eight loan agreements with eight African countries

The Arab Bank for Economic Development in Africa signed yesterday loan agreements to boost development plans in eight African countries.

President of the Bank Ahmed Abdullah Al Okeil said at press conference that the first agreement was signed with Uganda, and involved 9.41 million dollars to finance water and drainage projects .

The second worth 4.4 million dollar agreement was signet with Seychelles and the loan will be used to fund the setting of maritime training center there, he added.

The third loan agreement was with Burkina Faso and involve 9.3 million dollars to help it build a highway.

The loans will repayable over 30 years with a ten year period of grace, he said.

The fourth and fifth loan agreements were signed with Namibia and Cameroon and the two loans amount to 21.6 million dollars.

The sixth agreement was inked with Mali and the loan extended will amount to 5.2 million dollars. It will be earmarked to develop fisheries there, he added.

The seventh agreement was signed with Mozambique, he said, adding that the 8.6 million dollar loan will be dedicated mainly to electricity projects.

The last agreement was signed with the Niger and the loan amounts to 3.2 million dollars. It will fund a food security project.

The Khartoum-based bank was founded in 1973 and is a financial aid organisation funded by the Arab League's member states.